Institutodelsuelo

Marketing management involves choosing target markets that not only get new customers but also retain the existing ones. It is a business subject, which is based on research and study of practical applications of marketing techniques and management of the marketing resources. The one who excels in this field is known as marketing manager. The job of the marketing manager is to influence the timing and level of customer demand so as to help the sales. It actually depends on the size of the business and environment in the corporate industry. Like if he is working in a huge production company, he will be the general manager of a particular product category assigned to him and he will be responsible for profit and loss with respect to the product. And in small business there is no marketing manager as his job is taken over by the partners of the company.

Creating and communicating best customer values can increase the number of customers. The steps taken and resources utilized to maintain existing customers and get new customers fall under marketing management. The scope is quite large because it not only consists of developing a product, but also retaining it. The term marketing management has many definitions. It actually depends on individual firms and how the marketing department functions and activities of other departments like operations finance, pricing and sales. 

Before deciding about a marketing strategy, the company must do an in-depth study about their business, and the market. This is where marketing management merges with strategic planning. Usually the marketing strategies are of three types, customer analysis, company analysis and competitor analysis. Using the customer analysis, the market is broken down into different types of customers. The marketing management realizes the characteristics and other variables of each group. They are geographical location, demographic, customer behavior pattern and need. Like a group of people can be recognized who can be less price sensitive, purchases often and are growing. Such groups can be worked on by heavy investments as they are worth the money and time. They cannot only retain such customers and make new customers in this group but they can go to the very extent of turning back customers who don’t belong to this group. Understanding the needs makes customer’s expectations to be met per their satisfaction, better than the competitors, which will lead to higher sales and obvious profit.

Company analysis highlights the cost structure and resources of the company and cost position when compared to competitors. The accounting executives use it to learn about the profit earned by a particular product. From time to time, audits are conducted to study about the strengths of various brands of the company.

Marketers using competitor analysis build detail customer profiles. It gives a clear picture about the strengths and weaknesses of the firm, when compared to a competitor. The competitor’s cost structure, resources, competitive positioning, degree of vertical integration, product differentiation, and profits are studied in detail and are compared to what company is doing in those regards.

The marketing management to do marketing analysis carries out marketing research. The most common of such researches are qualitative marketing research, quantitative marketing research, experimental techniques and observational techniques.

After all the studies and researches are conducted, its easier for the marketing manager to make strategic decisions and they then can design a marketing strategy to increase the profits and revenues of their company. The other goals can be profit over the long run, market share, and revenue growth.

If you work as a business coach, it is your job to train and education business owners, operating managers, and all remaining employees.  Running a successful and profitable business starts at the top and works its way down. 

Your responsibilities, as a business coach, include getting your client to understand the important aspects of running a business, such as sales, marketing, communication, organization, and conflict resolution.  This is an important job and you know this.  But, there are some business owners who wonder if using the services of a business coach are worth it.  It is also your job to convince them that it is.

You need to convince potential clients that your service is great and more than worth the money.  This is nice to know, but how?  Continue reading on for a few sample ideas.

You can do so with promotional brochures and free promotional items.  Sending a pamphlet outlining your services and how they can increase sales is a great idea, but these brochures often just get thrown in the trash.  Include more!  Add a free magnet or pen with your company name, address, and phone number.  People love and will use free stuff, so your name will get seen.  The struggling business owner may literally be stressing about their future and glance over to see your logo in their office.

You can do so by offering discounts.  Many of the business owners who use the services of a business coach are struggling.  Some are barely staying afloat financially.  They need to use their money wisely.  Make it seem like they are getting a good deal.  Offer a small, but meaningful discount on your services.  Also, include extra bonuses in your package.  Most business coaches hold training seminars.  Include, as a bonus, free printed guides for each employee.  These guides allow for later reference, long after your training session has ended.

You can do so by offering free consultations and assessments.  As previously stated, most business owner who uses coaches are struggling.  Unfortunately, some wait until they are in the red to seek help.  Offer free consultations and assessments.  Show the business owner or operating manager that they are heading down a dangerous path.  Use their records to show what they can expect the next year if swift action is not taken.  Then, go into great deal about how you can turn their business around.  For example, you will teach that business owner the importance of local and internet marketing, and share unique marketing tactics with them.

You can do so by being a real person.  Your job, as a business coach, is a professional one.  It is important to stay professional, but business coaches work side-by-side their clients.  You need to show these people that you are a real person, more than just a suit.  Some struggling business owners fear seeking help because they are afraid that their ideas and actions will be dissected and criticized.  Yes, this is your job, but always put a positive spin on things.  When soliciting business, never blame a business owner.  Comment that they did many great things, but a few simple improvements can do wonders.

In short, business coaching is a valuable service for all small, medium, and large companies.  Unfortunately, not everyone sees it that way.  For that reason, market yourself, get the word out, and encourage those in trouble to save their business and with your help.